Magnus Bocker, chief executive of technology and exchange company OMX, is an ambitious and lively Swede. Bocker, who is training for his first marathon, speaks passionately about his global expansion plans, IT developments and acquisitions strategy.

There may have been little to report since Project Turquoise hit the headlines five months ago but there are signs the European trading platform, backed by seven of the worldâ€™s largest investment banks, has quietly been making progress.

For the past 18 months, dark liquidity has been the buzz phrase among the US trading fraternity. Getting access to trading venues that do not quote prices publicly â€“ the so-called dark liquidity pools â€“ has been driving the evolution of a new range of trading tools.

When the markets in financial instruments directive becomes law on November 1, Europeâ€™s largest stock exchanges will find themselves pitched into direct competition with each other and emerging trading platforms.